Assigning/Exercising an Options/Rights of Renewal

Peter Campbell Updated by Peter Campbell

When a Contract is created, Options/Rights of Renewals can be present and these should be identified.

If there are Options/Rights of Renewals in place, these should be made available against the contract, ready to exercise (or apply) when ready.

Assigning an Option/Right of Renewal available

Navigate to the Details tab within the Contract.

Scroll down to Options/Rights of Renewal

Select + Add Option

Enter a name

Select a Type, Extension Type, Month option and Value (if applicable)

Select the tick icon once completed

Exercising

There are two ways to exercise any available options on an executed contract.

Method 1

Navigate to the Details tab within the Contract.

Scroll down to the Option/Rights of renewal.

Available options will be marked with a dark purple ‘Exercise’ button. This initiates the process in applying the option to the contract.

Method 2

Navigate to the Variation register tab within the Contract.

Select the down arrow next to + Variation and select exercise option.

This initiates the process in applying the option to the contract.

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